Srilanka desperately needs atleast $5 billion in the next six months for maintaining basic essentials

The Srilankan  newly appointed Prime Minister Ranil Wickremesinghe told parliament on Tuesday that  government will need at least $5 billion in the next six months to maintain the basic standards of  living. It includes $3.3 billion for fuel imports and $ 1 billion for the country reserves.

Srilanka Economic crisis

Wickremesinghe said It is very much essential to restructure the entire economy along with establishing the economic stability. The government has appointed financial and legal advisors for debt restructuring process. The government is also planning to prepare an interim budget to balance crumbling     public finances. 

Srilanka with 22 million people is suffering the worst economic crisis since its independence. There is a shortage of foreign exchange cessating essential imports. The goverment is holding discussios with the International Monetary fund (IMF) for bridging financial crisis and was hopeful that negotiations would end this month after signing the agreement.